Glen Norris, The Courier-Mail March 13, 2019 7:17pm Subscriber only
THE Queensland building watchdog has lifted a ban against British construction giant Laing O’Rourke after the company pumped an additional $32 million into the business.
The Queensland Building and Construction Commission suspended the licence of Laing O’Rourke’s Australian arm last Friday, concerned about its financial viability. The suspension meant Laing O’Rourke was banned from doing any building work in the state.
A QBCC spokesman said that following an increase in equity of $32 million, the company had demonstrated that its net tangible assets met Queensland’s regulatory requirements.
The watchdog has imposed a condition that the company provide internal management accounts on a monthly basis until its next annual audited accounts are available.
Both Laing’s UK and Australian operations lost money last year amid deteriorating conditions in the global construction industry.
According to industry sources, a contractual dispute over a huge LNG project in Darwin is believed to have played a major part in last week’s suspension.